COPPER PRICE TRENDS HIGHER
VANCOUVER, BC, CANADA – April 8, 2022 - Copper futures have trended higher since a low on December 15, 2021 of $4.17.
Copper Price Trends – in US Dollars
Copper futures traded close to the $4.7-per-pound level, not far from an all-time high of $5 hit on March 7th, 2022 amid a tight market as investors weigh lower supply from top producer Chile, disruptions caused by the war in Ukraine, and assess the impact of the latest Covid outbreak in China in both demand and supply.
Copper output in Chile, the world's largest producer, fell 7% from a year earlier to 394,700 tonnes in February, 2022, following a 7.5% fall in January and a 1.9% decline in 2021 production. Meanwhile, Chinese authorities extended a lockdown in Shanghai, an industrial powerhouse and major port, further threatening global supply chains. Logistics operators report that restrictions are already making it harder to move goods around and keep factories operating at full capacity.
Elsewhere, Peru's ministry of economy and finance said that the world’s second-largest copper supplier will target the excess profits that mining companies earned from rising metal prices around the world.
Goldman Sachs calling for $15,000 a tonne copper by 2025 (a 50%+ increase from where it’s at now).
Geologica’s Topley Property
The Topley property is located in central British Columbia near Babine Lake and is road accessible with power lines running through the property making the property very cost effective to explore. The region near Babine Lake is known for its large porphyry, copper/gold, and copper/molybdenum deposits including past producing copper mines, Granisle and Bell. Porphyries contain the largest reserves of Cu and close to 50% of Au reserves in BC. The Topley Property consists of 7 mineral claims totaling 2,669 Ha with known prospects and showings.
The fall 2020 soil geochemistry survey* consisting of 305 soil samples, identified a potential kilometre scale VMS target area located in the southwest section of the sample grid plus highlighted 6 additional high priority target areas for further exploration. Occurring within the center of the potential VMS target area are two overlapping kilometer scale high priority target areas. This geochemistry is suggestive of a target area reflecting a VMS-type deposit that potentially contains significant mineralization*. This thesis is supported by the historical airborne magnetic survey, which shows the VMS target occurs within a magnetic high which is likely due to the Takla volcanics.
2018 MMI survey identified 2 copper anomalies correlated with gold anomalies.
Other VMS deposits occur within the area including Topley-Richfield-10 kilometres north of Topley, the Red prospect, 5 kilometres northeast of the dormant Granisle Mine, and the Fireweed silver-lead-zinc prospect, 12 kilometres west of the dormant Bell Copper mine. One of the best examples of a VMS deposit is the Eskay Creek Mine which is a world class gold-silver-copper-lead-zinc deposit occurring within Hazelton Group rocks which also occur on the Topley Property. Both the identified exploration targets in the south of the sample grid are open to the south. Additional mineral potential in the area has been ranked extremely high, as the Babine Lake area is the fourth most prospective in the entire Skeena- Nass mineral potential project area (MacIntyre et al. 1995). A rock sample from the Topley Property yielded 6.84 grams/ton Gold (Carter, 1992). The accuracy of the technical content of this overview has been reviewed by John Buckle P.Geo., who is a Qualified Person as defined under NI 43-101, and a member of the Company’s board of directors.
About Geologica Resource Corp.
Geologica Resource Corp. is a mineral explorer, building shareholder value through the acquisition of projects with significant technical merit. The Company has an option agreement for 100% of the mineral claims known as the Topley Project. The Company is a reporting issuer in British Columbia.
The Company has received a receipt for its preliminary prospectus.
Further information on Geologica Resource Corp. formerly Cabbay Holdings Corp. can be found on SEDAR at
For the Board of Directors
Douglas H. Unwin,
President & CEO
(604) 762-5355
FORWARD LOOKING STATEMENTS
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Readers should not place undue reliance on the Company’s forward-looking statements, as the Company’s actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company’s business, or if the Company’s estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that such forward-looking statements will materialize. The Company does not undertake to update any forward-looking information, except as, and to the extent required by, applicable securities laws.
* The SGH samples were analyzed by Activation Laboratories. Mr. Buckle was unable to verify the results or quality assurance or quality control procedures of the SGH survey as the methodology is proprietary to Activation Laboratories. Activation laboratories hydrocarbon analysis is not certified by any regulatory body. “it is uncertain if further exploration will result in the target being delineated as a mineral resource”, NI 43-101 TECHNICAL REPORT on the TOPLEY PROPERTY Topley Landing, Babine Lake Area, Omineca MD, BC with the effective date of May 7, 2021